BUILD

2024

Chainlink

Spot

Chainlink Price Analysis: For the past month, Chainlink (LINK) has been trading within a range defined by two converging trendlines, showing no clear dominance from either buyers or sellers despite significant price fluctuations on the daily chart. As <a href="https://coingape.com/bitcoin-to-hit-new-high-if-it-breaches-this-level-analyst-predicts/">Bitcoin</a> continues to hover around the $60,000 support level, the broader altcoin market appears poised to maintain a sideways trend. Given this context, it is likely that LINK’s price will remain constrained by sluggish movement throughout the week. 
Also Read: <a href="https://coingape.com/press-releases/dboe-officially-launches-next-gen-spot-dex-and-joins-chainlink-build-program/">DBOE Officially Launches Next-Gen Spot DEX and Joins Chainlink BUILD Program</a> 
<h2 id="early-signs-of-reversal-amidst-continuing-bearish-trends">Early Signs of Reversal Amidst Continuing Bearish Trends</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/p/PhASQu4M.png" alt="BINANCE:LINKUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Chainlink Price Analysis| Tradingview
 </figcaption>
</figure> 
The near-term outlook for <a href="https://coingape.com/markets/chainlink-price-eyes-mayor-reversal-as-accumulation-intensifies/">Chainlink</a> (LINK) remains bearish, as it continues to face resistance from a declining trendline. Over the past two months, the asset has suffered a significant drop, falling from a high of $22.8 down to a low of $11.78—a 48.5% decrease in value. 
Despite this, the market has started to show signs of stabilization, with the selling momentum waning and giving way to a slight relief rally. Additionally, the formation of a new trendline that supports higher lows suggests the early stages of a potential market reversal. 
In a recent analysis shared on Twitter, renowned trader @alicharts highlighted a promising buy signal on the Chainlink (LINK) weekly chart, courtesy of the TD Sequential indicator. This tool, often used in technical analysis, has pointed towards a potential upward trend for LINK, suggesting that the cryptocurrency could see significant gains over the next one to four weeks. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The TD Sequential presents a buy signal on the <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a> weekly chart, indicating that <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> could experience an upswing lasting one to four weeks. <a href="https://t.co/3gab4AAwcb">pic.twitter.com/3gab4AAwcb</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1789738253144236277?ref_src=twsrc%5Etfw">May 12, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
For buyers to reassert dominance over the LINK market, it’s crucial for the price to breach the overhead resistance trendline. Successfully breaking this barrier could open the path toward pursuing a potential price target of $18.6, and subsequently, $20.7. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The squeezed range of Bollinger Band Indicator highlights highlighted volatility in <a href="https://coingape.com/price/chainlink/">Chainlink price</a>.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: A notable recovery in the <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope from the oversold region indicates the increasing accumulation from buyers at discounted prices.</li> 
</ul> 
The post <a href="https://coingape.com/markets/chainlink-price-analysis-will-link-recovery-16-by-may-end/">Chainlink Price Analysis: Will LINK Recovery Surpass $16 By May End?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Analysis: Will LINK Recovery Surpass $16 By May End?

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